Animal Parasiticides Market will witness 4% CAGR to bypass $6.5 billion by 2024

Sellbyville, DE -- (SBWire) -- 10/24/2018 --Global Animal Parasiticides Market to reach USD 6.5 billion by 2024; according to a new research report by Global Market Insights, Inc.

Market Overview:

Rising incidences of zoonotic diseases coupled with increasing industrial animal farming will serve as high impact rendering factors for the global animal parasiticides market.

Favorable government initiatives should elevate the global animal parasiticide market due to the activities concerning animal welfare activities, resulting in substantial demand for parasiticides, thus improving the health of livestock worldwide.

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Whooping rise in the number of pet population along with improved economic status of pet owners especially in developing regions will spur the demand for animal health products worldwide.

Advent of new product development to address several parasitic infections, both in farm as well as pet animals should also fuel the industry expansion during the forecast timeframe.

Limitations related to use of parasiticides, especially endoparasiticides in animals for consumption and lack of awareness about presence of animal health products in developing and under-developed regions happens to be a paramount growth restraining factor.

Sprays, Collars and pour-ons and spot-ons are the key contributors to the ectoparasiticides segment; together they hold nearly 70% share of the total market, owing to their easy to use and effective nature of sprays, thus stimulating future adoption.

An enormous number of marketed injectables dominate the endoparasiticides segment; their contribution is almost 50% to the total market size. However, non-invasive nature of feed additives aided with endoparasiticides is most likely to drive the segment growth.

France animal parasiticides market accounted for the second largest regional revenue share in Europe. Furthermore, with growing number of farm animals, increasing meat consumption and introduction of new products, the market should witness growth over 2% during the forecast period.

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Being one of the top producers of farm animals, the demand for various parasiticides products will fuel the business growth. Farm animal parasiticides are major contributors to the total market. Pet parasiticides are still in introduction phase, but are poised to enter growth phase due to rising disposable incomes and awareness among pet owners.

Some of the prominent industry participants include:

Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim, Virbac, Ceva Sante Animale, Perrigo Company PLC and Vetoquinol.  Merger and acquisition, new product development and geographical expansion are some of the strategies adopted to gain industry share.